21.

Company X factors $320,000 of its receivables on a with recourse basis. The bank assesses a charge of 2% of receivables and retains 2.5% of receivables. The company received $298,000 in cash and recorded a loss on sale worth $15,000. What is the recourse liability related to this transaction?

$1,000

$7,400

$8,000

$7,600

22.

Company Z assigns $50,000 of its accounts receivable as collateral on a $40,000 loan on August 1, 2020. The loan is due on December 31, 2020. The bank assesses a finance charge of 3% of the receivables and interest of 6%. What is the total amount of cash that Company Z pays to the bank on December 31, 2020?

$41,000

$50,000

$40,000

$51,250